Government To Take Provident Fund Interest Decision After State Elections Results
Amiti Sen / New Delhi
Worried over political implications of a cut in provident fund interest rates amid ongoing state elections, the government has decided to defer its decision on the rate till the state elections are over.
The minimum pension for both organised and unorganised sector workers may be put off till March end.
The Central Board of Trustees, the top policy making body of the Employees Provident Fund Organisation (EPFO), will meet on Wednesday to discuss the guaranteed minimum pension and passbooks for EPFO subscribers.
The labour ministry also hopes to get feedback from the finance ministry on the interest rate on EPF for the year.
“Since it will be the first CBT meeting after the one in December when it was left to the finance ministry to decide on an appropriate interest rate, all stakeholders would be eager for some feed back,” a government official said.
The CBT is chaired by the labour minister and comprises top officials from the finance and labour ministries and representatives from both workers and employers organisations.
The EPFO has recommended 8.25% interest on deposits for the current year, against a 9.5% interest announced last year.
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